Domino’s Pizza Enterprises (DMP.AX): Offshore snippet: Domino’s Pizza Inc (DPZ) continues to point to weakness in DMP performance; Sell

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Domino’s Pizza Enterprises (DMP.AX): Offshore snippet: Domino’s Pizza Inc (DPZ) continues to point to weakness in DMP performance; Sell

Equity Research

21 July 2026 | 9:38AM AEST

Domino’s Pizza Enterprises (DMP.AX): Offshore snippet: Domino’s Pizza

Inc (DPZ) continues to point to weakness in DMP performance; Sell

GS take: Domino’s Pizza Inc (DPZ.US, not covered) investor call commentary Elijah Mayr

+61(2)9321-8995 | elijah.mayr@gs.com

continues to single out Domino’s Pizza Enterprise (DMP.AU) as a primary detractor to Goldman Sachs Australia Pty Ltd

International SSSg as management pursue improved franchisee profitability at the Elise Bailey

expense of order count. With DPZ’s new CEO, Joe Jordan, to commence in October +61(3)9679-1344Goldman Sachs Australia| elise.bailey@gs.comPty Ltd

2026 and DMP’s new CEO, Andrew Gregory, to commence in August 2026, we expect

the strategic turnaround for DMP to take time and continue to look for evidence of

improved SSSg to drive franchisee profitability and support store demand before

turning more positive. Release link is here. We are Sell rated on Domino’s (DMP).

Key takeaways:

n International SSSg of -0.1%, dragged down by DMP. While an improvement on

1Q26 (-0.4%), DPZ called out DMP as a primary detractor to SSSg as they

continue to work closely with the franchisee. DMP management continue to

pursue a strategy to reduce lower margin transactions which has led to a

reduction in order count.

n World Cup to support SSSg. DPZ expect International SSSg in CY26 in the

low-single-digits, benefiting from the World Cup which commenced on June

14th and concluded July 19th.

n DMP CEO part of profitability reboot. New DMP CEO, Andrew Gregory, will

commence in August with the company strategy currently to reboot profitability